Economy

“It's the classic fairytale gone bad. A brave little country was given three wishes: low interest rates, high wages and billions in multinational investment. For a brief moment in time, for the first time in its history, Ireland was wealthy and had the respect of the world. Then it threw it all away. And that’s why they call it Namageddon.” - The Wall Street Journal.

In Part two of a three part article on the Irish economy, Paul Murphy looks at some of the factors depressing the domestic economy, focusing on debt and unemployment, as well as analysing whether the government's export focused strategy can be successful.

Ann Orr writes about the increasing problem of mortgage defaults : In December 26,271 mortgage holders were behind in their mortgage re-payments due to the dramatic increase in unemployment. And Michael Murphy writes about the government's plans for another bank bailout.

Brian Lenihan introduced the budget for 2010 with the statement that “the worst is over”. This astounding declaration was accompanied by rising unemployment, attacks on public and private sector wages, and the admission that the savagery of the 2010 budget will be matched in 2011 and 2012. There is no question that for working people, the worst is far from over. Part One of a three part article.

WE ALL have to share the pain” has become the mantra of the entire establishment, from right-wing economists and political parties to much of the trade union leadership, as working class people are made to suffer to protect the profits and power of the bosses. This article critiques this orthodoxy and argues that socialist policies offer the only alternative to the vicious attacks of capitalism.

The Budget will, if the Government gets its way, mark the first of four where working people, the unemployed and those who depend on public services will be crucified over an economic crash they did not cause. The palpable anger this is causing in society generally can be seen in the threat by the Garda Representative Association to ballot for industrial action.

SARAH BOUGHT her one bedroom apartment in Swords for €300,000- her mortgage repayments are €1,450 a month. When her job relocated down the country, she had little choice but to move. With the apartment now valued at €170,000, she can’t sell it, and has no choice but to rent it out bringing in €750 and leaving her to add another €700 every month.

A SURVEY by the National Women’s Council of Ireland entitled "The Importance of Child Benefit for Parents" in which 66.6% of respondents said that child benefit is a critical part of the family income.